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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Chicago Bridge & Iron Co NV has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Chicago Bridge & Iron Co NV's Piotroski F-Score or its related term are showing as below:
The historical data trend for Chicago Bridge & Iron Co NV's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Chicago Bridge & Iron Co NV Annual Data | |||||||||||||||||||||
Trend | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 5.00 | 3.00 | 5.00 | 2.00 |
Chicago Bridge & Iron Co NV Quarterly Data | ||||||||||||||||||||
Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 3.00 | 4.00 | 2.00 | 2.00 |
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar18) TTM: | Last Year (Mar17) TTM: |
Net Income was -425.419 + 10.039 + -1067.468 + 43.894 = $-1,439 Mil. Cash Flow from Operations was -175.428 + -221.888 + -221.355 + -240.311 = $-859 Mil. Revenue was 1283.477 + 1737.764 + 2004.64 + 1745.619 = $6,772 Mil. Gross Profit was -378.057 + 82.762 + 257.628 + 173.099 = $135 Mil. Average Total Assets from the begining of this year (Mar17) to the end of this year (Mar18) was (8063.971 + 7146.279 + 7077.013 + 5971.582 + 6020.573) / 5 = $6855.8836 Mil. Total Assets at the begining of this year (Mar17) was $8,064 Mil. Long-Term Debt & Capital Lease Obligation was $0 Mil. Total Current Assets was $1,820 Mil. Total Current Liabilities was $5,258 Mil. |
Net Income was 123.839 + 121.76 + -665.693 + 24.655 = $-395 Mil. Revenue was 2161.164 + 2137.877 + 2398.936 + 1827.352 = $8,525 Mil. Gross Profit was 257.955 + 216.983 + 268.09 + 150.951 = $894 Mil. Average Total Assets from the begining of last year (Mar16) to the end of last year (Mar17) was (9480.703 + 9382.498 + 9169.299 + 7839.42 + 8063.971) / 5 = $8787.1782 Mil. Total Assets at the begining of last year (Mar16) was $9,481 Mil. Long-Term Debt & Capital Lease Obligation was $1,266 Mil. Total Current Assets was $3,232 Mil. Total Current Liabilities was $4,735 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Chicago Bridge & Iron Co NV's current Net Income (TTM) was -1,439.
==> Negative ==> Score 0.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Chicago Bridge & Iron Co NV's current Cash Flow from Operations (TTM) was -859.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Mar17) |
= | -1438.954 | / | 8063.971 | |
= | -0.17844236 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar16) |
= | -395.439 | / | 9480.703 | |
= | -0.04170988 |
Chicago Bridge & Iron Co NV's return on assets of this year was -0.17844236. Chicago Bridge & Iron Co NV's return on assets of last year was -0.04170988.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Chicago Bridge & Iron Co NV's current Net Income (TTM) was -1,439. Chicago Bridge & Iron Co NV's current Cash Flow from Operations (TTM) was -859.
==> -859 > -1,439 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Mar18) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar17 to Mar18 |
= | 0 | / | 6855.8836 | |
= | 0 |
Gearing (Last Year: Mar17) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar16 to Mar17 |
= | 1266.027 | / | 8787.1782 | |
= | 0.14407663 |
Chicago Bridge & Iron Co NV's gearing of this year was 0. Chicago Bridge & Iron Co NV's gearing of last year was 0.14407663.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: Mar18) | = | Total Current Assets | / | Total Current Liabilities |
= | 1820.052 | / | 5257.574 | |
= | 0.34617715 |
Current Ratio (Last Year: Mar17) | = | Total Current Assets | / | Total Current Liabilities |
= | 3231.783 | / | 4734.616 | |
= | 0.68258609 |
Chicago Bridge & Iron Co NV's current ratio of this year was 0.34617715. Chicago Bridge & Iron Co NV's current ratio of last year was 0.68258609.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Chicago Bridge & Iron Co NV's number of shares in issue this year was 102.627. Chicago Bridge & Iron Co NV's number of shares in issue last year was 101.36.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 135.432 | / | 6771.5 | |
= | 0.0200003 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 893.979 | / | 8525.329 | |
= | 0.10486152 |
Chicago Bridge & Iron Co NV's gross margin of this year was 0.0200003. Chicago Bridge & Iron Co NV's gross margin of last year was 0.10486152.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Mar17) |
= | 6771.5 | / | 8063.971 | |
= | 0.83972276 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar16) |
= | 8525.329 | / | 9480.703 | |
= | 0.89922962 |
Chicago Bridge & Iron Co NV's asset turnover of this year was 0.83972276. Chicago Bridge & Iron Co NV's asset turnover of last year was 0.89922962.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 0 | + | 0 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | |
= | 2 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Chicago Bridge & Iron Co NV has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
Chicago Bridge & Iron Co NV (NYSE:CBI) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Chicago Bridge & Iron Co NV's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
James H Miller | director | C/O CROWN HOLDINGS, INC., 770 TOWNSHIP LINE ROAD, YARDLEY PA 19067 |
W Craig Kissel | director | |
Alexander Forbes I J | director | 10560 DR. MARTIN LUTHER KING JR. ST N, ST. PETERSBURG FL 33716-3718 |
Deborah M Fretz | director | 1801 MARKET STREET, PHILADELPHIA PA 19103 |
L Richard Flury | director | 2000 W SAM HOUSTON PKWY S, SUITE 2000, HOUSTON TX 77042 |
Richard W. Heo | officer: Executive Vice President | 2103 RESEARCH FOREST DRIVE, THE WOODLANDS TX 77380 |
Westley S. Stockton | officer: VP, Controller, CAO | 2103 RESEARCH FOREST DRIVE, THE WOODLANDS TX 77380 |
James R Bolch | director | C/O INGERSOLL-RAND COMPANY, 155 CHESTNUT RIDGE ROAD, MONTVALE NJ 07645 |
Marsha C Williams | director | EQUITY OFFICE PROPERTIES, CHICAGO IL 60606 |
Michael S Taff | officer: Executive Vice President & CFO | 777 N ELDRIDGE PARKWAY, HOUSTON TX 77079 |
Larry D Mcvay | director | 2000 W SAM HOUSTON PKWY S, SUITE 2000, HOUSTON TX 77042 |
Philip K Asherman | director, officer: President and CEO | 1450 LAKE ROBBINS DR.,, SUITE 400, THE WOODLANDS TX 77380 |
Chandler Richard E Jr | officer: EVP and Chief Legal Officer | 1800 HUGHES LANDING BLVD, SUITE 250, THE WOODLANDS TX 77380 |
Sheila B Feldman | officer: Executive Vice President | |
Ronald A Ballschmiede | officer: Executive Vice President & CFO | 1800 HUGHES LANDING BLVD, SUITE 250, THE WOODLANDS TX 77380 |
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